THE SACRAMENTO BEE: California Student Aid Commission halts payments to Heald College students

Career College Central Summary:

The California Student Aid Commission has halted funding for Heald College after the for-profit chain failed to provide required documents demonstrating that it is financially stable.
The decision affects 4,497 students at Heald’s 10 campuses in Northern California and the Central Valley who receive Cal Grant scholarship awards, according to commission spokeswoman Patti Colston. About $1 million in payments submitted last week by Heald were suspended, and as much as $14 million in Cal Grant awards reserved through the end of June could ultimately be affected.
Colston said the student aid commission requested Heald’s audited financial statements on Jan. 22 and was told on Feb. 5 that the school could not provide them. Colleges that receive financial aid from California must submit an audit every four years demonstrating their financial and administrative stability.
The commission has put Heald on “at-risk reimbursement status,” Colston said, and will decide how to proceed with the college during a public hearing scheduled for next Friday.

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